Global strapping machine market is projected to reach a valuation of around $6,991.4 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
As per the report, the semi-automatic strapping machine product type segment amassed highest returns in the global market in 2017. The same year, the Asia-Pacific market contributed majority share in the global strapping machine market.
Some key insights pertaining to the strapping machine market are presented below:
- Global market growth is primarily driven by rapid growth in the worldwide packaging industry.
- Increasing concerns pertaining to product safety to prevent damage and loss during shipping and packaging will support market growth.
- The rising demand from food and beverage, consumer goods, and publishing industries will amplify the adoption of these products.
- The increasing demand for strapping machines by SMEs in order to enhance packaging efficiency and reduce costs will boost market growth.
- The high preliminary investment costs of strapping machines will deter market growth to some extent.
- The market will witness considerable growth opportunities in the foreseeable years due to technological advancements, new emerging markets, and increasing adoption by SMEs.
According to the report, the types of strapping machines include automatic strapping machines, fully automatic strapping machines, and semi-automatic strapping machines. The semi-automatic strapping machine segment is anticipated to garner majority share in the global market over the forecast period. This estimation can be attributed to the increasing demand for semi-automatic strapping machines from small and medium-sized enterprises. Such machines are intended for items that are small and medium-sized, which often need users to physically feed strapping into the machine. The need for such devices in several industries like consumer goods, food and beverage, electronics, and publishing has surged its demand over the past years, cites the report.
On the basis of various materials used in the strapping machines, the market can be divided into polypropylene, steel, polyester, and others. Polypropylene accounted for the highest market share in 2017 due to its cost-efficiency in packing small and medium-sized goods. The segment is likely to witness more growth in the coming years due to its increasing use in several industries such as consumer goods, food and beverage, electronics, and publishing among others.
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Speaking of regional penetration, the Asia-Pacific strapping machine market is anticipated to garner the highest share in the global market during the forecast period. The region has observed considerable growth in the consumer goods and food & beverage industries over the past few years, which are the prime users of strapping machines, thereby augmenting market growth. The growing need for effective packaging in order to prevent losses due to damages, along with increasing disposable incomes in emerging economies will continue to support market growth in the coming. Additionally, key industry players growing their presence in developing nations like Indonesia, Malaysia, and India owing to the growth opportunities offered by these countries will further propel market growth in the Asia Pacific region, cites the report.
The report also offers an in-depth analysis of strapping machine market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of product type, material, application outlook, end-user spectrum, and regional landscape has also been elaborated in the report. Additionally, company profile of key market contenders has been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The global competitive spectrum of the strapping machine market comprises of well-known industry majors like Mosca GmbH, MJ Maillis S.A., Samuel Strapping Systems, Transpak Equipment Corp., Strapex Group, Signode Packaging Systems Corporation, Polychem Corporation, Messersi Packaging S.r.l., Dynaric Inc., Fromm Holdings AG, Venus Packaging, and Australian Warehouse Solutions among others. Key strategies implemented by these industry majors include launching innovative products, merger, acquisition, and geographic expansion empowering them to enhance profitability, thereby augmenting global market growth.